Hey, everyone! Thanks for visiting my video real estate
blog!
Today, I wanted to thank all our past clients, family,
friends and vendors. We have been getting a ton of referrals and we can’t tell
you how much we appreciate it.
That’s why we are offering our Referral Rewards Program. If
you send a referral and that person completes a transaction, either buying or
selling, we will give you a $100 Visa Gift Card. You can use the card anywhere!
You will also be considered a Platinum Customer. At the end of the year we will
be hosting a dinner party showing our appreciation for you!
If you provide us with a second referral, we will give you a
$500 Visa Gift Card! We really want to show you how grateful we are.
Also remember if you know of anyone who is relocating out of
the Denver/Boulder area, we have a referral network that is nationwide. We can
help you out no matter where you go!
When
selling your home, you want to get the best deal. We have some tips
to help you get top dollar.
Don’t
get greedy. Waiting too long to sell your home can actually cause a
7-10% decrease in sales. The best time to sell is within the first
30 days. A home that sits too long on the market can really be
stigmatized.
If
trading up, move fast. If you are buying a larger home with a
bigger price tag it’s important to avoid appreciation and buy the
home quickly. Inversely, if you are downsizing, you can move slower
in the process to earn more money.
Curb
appeal. Ninety percent of buyers look at a home online first. If
the home is not appealing, they will not visit. Make sure all
structural issues are taken care of, the carpet and walls are
cleaned, etc. All of this should be done before the home is put on
the market.
Guard
against low appraisals. It is important to get an experienced agent
who can provide good, valid comparables.
These
are the steps we are taking in working with our sellers.
If
you or anyone you know is looking to buy or sell please call us at
303.543.3078 or send us an email at kevin@thebyrnegroup.com
In
a sellers’ market, buyers face a lot of competition. We want to
give you tips on how to make your offer irresistible:
Pay
cash. If you’re able to, cash is a great way to make your offer
stand out. Sellers love cash offers because there aren’t any
appraisals, loan conditions, etc.
Get
preapproved. Not everyone can make a cash offer; the next best step
is to get one or more preapproval letters to show the seller. (Have
preapproval letters, not prequalification letters)
Make
the best offer. In today’s market, you can’t make a low offer
first. It needs to be full market price or higher.
Up
the ante. There are escalator clauses that allow a buyer to bid a
certain amount over another buyer's bid, up to a certain point. This
allows you to be made aware of other bids on the home.
Beef
up your earnest money. Showing the seller you have more cash than
the average buyer in the market definitely helps your offer stand
out.
Write
a love letter. Often times the sale is emotional for the seller. Let
the seller know you love the home, why you want it, what you will
enjoy about it.
Gift
of time: Give the seller enough time to find a replacement home.
All
these tips will help make your offer one of a kind. Make sure you
have an experienced realtor who can help you with these and has
knowledge of the market.
If
you or anyone you know is looking to buy or sell a home please
contact us at 303.543.3078 or email at kevin@thebyrnegroup.com
Watch on your mobile device >> We
watch our marketplace closely throughout the year with the understanding that
any activity reflects upon what we can expect moving forward. The numbers of
sales, inventory on hand and average number of days it takes to sell a home are
all changing. Here is a look at what’s happening today in our marketplace and
what it means to you as a buyer or seller.
Homes Sales
Continue to Rise
Looking
at the sales figures from January, the number of closed sales was a phenomenal
46% higher than last year. The number of homes under contract this year has
gone up dramatically at than the previous year as well. This is in part due to
buyers finally jumping off the fence to lock in today’s low interest rates.
Inventory Levels
Dwindling
As
more and more buyers seek out their perfect homes, the number of available
homes on the market is continuously going down. Right now, we are reporting a
32% decline of available homes on the market as compared to the same time last
year. With the average number of days on market down to just 80 – things are
moving quicker than just one year ago.
Sellers Need
Strategic Positioning Despite Seller’s Market
Though
we are seeing far fewer homes on the market for sale, sellers still need to be
mindful of strategy. As always, well priced homes that are in good condition
and in great locations are the first to go. To get those multiple offers that
will drive your price up and get your top dollar, your need to be sure you are
pricing your property effectively.
Buyers Experiencing
Fierce Competition
Considering
that our sales are up and inventory is down – buyers are pulling out all the
stops to get the home of their liking. In fact, many are resorting to
aggressive measures to get their homes. Multiple offers, price wars, removal of
contingencies and larger earnest deposits are just a few of the things buyers
are resorting to, making it a great time to sell your property.
Interest Rates At
Historic Lows
Buyers
are still able to lock in amazingly low interest rates – currently at about
3.5% in our area. This has almost created a buying frenzy of sorts especially
given the pent up demand following last year’s Presidential election and the
Fiscal Cliff crisis. With rates expected to rise by mid-year this year or at
the latest, next year – many buyers are scrambling to buy now.
~
Whether
you are looking to sell your home or buy – now is a great time to jump off the
fence. Sellers are enjoying stacks of offers and buyers can relax with the
peace of mind knowing they are locking in the industry’s lowest rates ever.
Contact us today – we’d be glad to help you find your next dream home or help
you with an honest opinion of what your home will sell for in today’s
marketplace.
We’ve
seen it time and again. A seller eagerly lists their home, finds a
buyer with a serious offer but chooses to wait things out and see if
other (better) offers come along. While it can happen and it does
sometimes, the problem is that there is a process usually followed by
buyers and along with it a pipeline. Here is a look at how they lead up
to making an offer and how by the time the first buyer seriously
considers your home they are likely the most viable one.
Buyers Are More Educated
With
the advent of technology, the entire real estate industry has changed.
Gone are the days when buyers would rely solely on their agent to find a
home to suit their needs. Today, the Internet has taken over. In fact,
studies show that over 90% of buyers spend weeks online searching for
their perfect home before even talking to an agent.
So
by the time a buyer is at your doorstep with an offer, there is a good
chance they have thoroughly researched every aspect of the local market.
They are fully aware of your competition, have weighed all pros and
cons of your home and are seriously interested in your property. After
countless open houses and obtaining plenty of education about the real
estate market in their area, they know when they see a property that
suits their needs. In many cases they are waiting for the perfect one to
become available so the minute it does, they make an offer.
By the Time They Make an Offer, They Are Well Into the Process
Where sellers go wrong is to want to wait for more
offers. In the process, those very serious buyers that have already
made their interest in your home known will likely find another home to
suit their needs. Buyers today are savvier than ever before – and with
that education that they so readily find and absorb from various sources
(the Internet, other publications, their peers, professionals) they
have an acute knowledge of the market.
In
the process of selling your home, it is critical to keep all factors in
mind. Factors such as the condition of the market, your agent’s
recommendations, current inventory levels, the number of days most
properties remain on the market before being sold and of course prices.
Putting all of that into play will change how you handle that first
buyer but remember – the first buyer will almost always be your best
buyer.
~
For a consultation that is customized to your needs, contact us today. We look forward to serving you!
For most people, there are usually one or two transactions in a lifetime when it comes to buying and selling real estate. That’s why when many existing homeowners or first-time buyers find themselves ready to sell a home they may need a few pointers on how to get their home sold these days.
Here are seven very important aspects to successfully selling a home that will have a significant impact on how quickly you will sell and how much financial gain you can expect on the sale; concepts that are geared toward today’s fast-paced, virtual and digital real estate industry. Expertise and Pricing Strategy When considering selling your home, it is important to choose an agent to work with wisely. A key factor in success of your sale, is finding the right agent for you. Be sure you are working with a Realtor that not only demonstrates expertise by way of many successful past and present transactions, but also one that actively seeks to develop a strong pricing strategy with you.
Pricing strategy has a major impact on the success of a selling a property. Without the right price a home can and will sit on the market, literally exhausting its time on the market. Find an agent that will focus on what they will do to get you the best price, rather than one that is so eager to earn your business that they quote an inflated and unrealistic price just to make you happy. Condition and Perceived Value These days we are dealing with far more properties on the market than there are buyers. In this type of environment, it is critical that your property be in marketable condition, good enough to compel buyers’ interest toward your home and away from the competition. The goal should be to achieve maximum perceived value upon buyers seeing your property, making them feel that your property is the best value on the market.
Differentiation Once again, in an effort to stand out from the crowd and ensure your home generates plenty of interest among buyers, make sure the agent you hire does everything they can to promote your property. The key is doing so in a unique way that grabs buyers’ attention and keeps them interested. Whether this means using an agent that utilizes virtual tours, has a wide network of in-house buyers and a highly tech-savvy agent that caters to today’s buyer – it is important that your Realtor works hard to differentiate your listing from the rest. Exposure A lot of real estate agents underestimate the power of the Internet and with the advent of smartphone technology, tablet devices and other real-time communication methods, now more than ever before it is essential that agents tap into all forms of exposure for their clients’ listings. It is critical that your home appear in a number of online venues where buyers typically go to obtain information. Strong marketing techniques also play a strong role in good exposure.
Execution One of the most important components of a successful real estate transaction is the smoothness of handling that makes the process efficient and as seamless as possible. Working with a team of professionals provides the solid backing of a variety of expertise levels within the team, so that your agent can focus on what they do best – selling your home.
Being able to leave the back-end support aspects of your transaction to qualified, in-house team members is the way that top-producing agents across the globe manage to juggle everything. Anything from listing specialists, pricing experts, buyer agents, closing coordinators, virtual assistants, marketing professionals, listing managers and more – all contribute to a successful selling transaction.
~
If you would like a customized consultation on how we can service your real estate needs, get your home listed and achieve top dollar in good time – contact us today! We look forward to serving you.
We are definitely seeing a plethora of lengthy reports about the real
estate market these days, whether on a national level or honed in on a
particular local area. But the fact remains that the market is in an
unstable state and keeping track of indexes, watching over home sales
and how they fluctuate from month to month or year over year, is giving
us a glimpse into what to expect. It is these very measures that
allow us to foresee the greater trends that exist so we can act
accordingly. Here, according to which side of the transaction you are
on, are some happenings in the industry and what they mean to you as a
home buyer or home seller.
Buyers Don’t Beware
Buyers Trend #1 Foreclosures have slowed down.
For the most part, whatever foreclosures that had flooded the market
have either slid into transition stage, where the banks are reviewing
documents and going through the sometimes lengthy review process that
comes before accepting applications to purchase a foreclosed home – or
there are fewer properties available. There was indeed a flood of
distress sales in the market that occurred in the recent past but banks
have now shifted away from foreclosures and they are favoring short
sales instead. Short sales are a far better option for many reasons, but
the two main benefits remain 1. Homeowners are either able to retain
some of their credit while buying back their home at less than its
current value and 2. Banks are spared the added expense and risk that
goes along with foreclosures.
Buyers Trend #2
Prices remain historically low.
One thing that has not changed for the duration of our current
recession, even as we have headed into a double-dip economic downturn,
is that as a result home prices continue to be at their lowest level in
years. In the S&P Case-Shiller Home Price Index,
it is indicated that housing prices these days rival a 30-year low and
they seem to be hanging there in place as the market remains
unsettled. Even though prices are as low as they are, the fact remains
that these transactions that are taking place are happening with regular
homeowners and simple sales deals, rather than banks for foreclosure
sales.
Buyers Trend #3
Rates are still at an all-time low.
Interest rates, depending on the
day, are still as low as a little under 5% for the average 30-year
fixed rate mortgage loan. For potential homeowners and those who want
to move up or seize the opportunity to move into a luxury residence,
this could not be a more perfect time to invest in that property. For
those people willing to remain in the mix for the long haul, the
current market trends will predominantly not affect them in terms of
return on investment. The market will indeed bounce back, whether 6, 7
or even more years later. And when it does, you will end up having
much more house (in terms of value), while still paying that very low
interest rate.
It’s a Small (Selling) World After All
Sellers Trend #1
There are lots of buyers looking to buy.
When you are selling your property, the more the potential buyers the
merrier. With the number of buyers who are looking for a great deal
your chances of selling are a lot better these days and if you have a
home that has unique or upgraded amenities you can further avail the
opportunities that will come with having that edge over other sellers.
Sellers Trend #2
Inventory is down.
With the number of pending sales in limbo on a day-to-day basis,
inventory figures are relatively low. This is great news for people
looking to sell their properties, because that translates to more
buyers for the taking and the ones that do come looking at your
property are far more impressionable.
~
To sum things up, right now is a great time to be a buyer – especially
with all the incentives out there ranging from super low interest rates
to housing prices that are closer to those from 7 or 8 years ago. If
you can afford it now, buy now.
As a seller, the main advantage you have these days is that there is
less inventory for those buyers out there looking for a deal now –
which means you have the edge and better chances of selling that
property.
The trends keep fluctuating a bit here and there but the major things
remain: low rates, low housing prices, low inventory. And now is the
time to seize the opportunities that lie within these trends.